Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-02-2010, 12:49 PM
 
57 posts, read 160,683 times
Reputation: 66

Advertisements

I have a foreclosure that is 2 years old now. I have a steady job with good income. I would like to buy a house again, nothing too fancy around 200k. Do I have a chance to obtain mortage? Will any lenders talk to me? I can come up with 10% down.
Thanks
Reply With Quote Quick reply to this message

 
Old 11-02-2010, 01:02 PM
 
Location: DFW
40,951 posts, read 49,206,955 times
Reputation: 55008
You need to talk to a good mortgage broker 1 on 1 for advice. They need to look at your history and what you've done since.

I will DM the name of a good guy to contact.
Reply With Quote Quick reply to this message
 
Old 11-02-2010, 02:54 PM
 
Location: Texas
5,872 posts, read 8,096,532 times
Reputation: 2971
Lol!
Reply With Quote Quick reply to this message
 
Old 11-03-2010, 06:00 AM
 
57 posts, read 160,683 times
Reputation: 66
Whats so funny?
Reply With Quote Quick reply to this message
 
Old 11-03-2010, 06:14 AM
 
37,315 posts, read 59,888,047 times
Reputation: 25341
I don't think you stand a chance of getting a new mortgage even with your current situations--
If you are serious about buying now, your better chance is probably trying to find someone who will sell to you and carry the note...
there used to be some people with paid off mortgages willing to do that--my mother in law did it years ago and some people in my neighborhood did it in my old neighborhood about 3 yrs ago when the banking industry had just stopped loaning money and they wanted to sell their house...
but I think the number of home sellers doing that has dropped dramatically--
people want sureity now...and getting out from under the house seems more secure than holding a note for 20 or 30 years...
Reply With Quote Quick reply to this message
 
Old 11-03-2010, 10:49 AM
 
13,194 posts, read 28,306,718 times
Reputation: 13142
Quote:
Originally Posted by Cowboys_Fan2010 View Post
I have a foreclosure that is 2 years old now. I have a steady job with good income. I would like to buy a house again, nothing too fancy around 200k. Do I have a chance to obtain mortage? Will any lenders talk to me? I can come up with 10% down.
Thanks

You don't have to answer this question on the forum, but if you can find a mortgage broker to even talk to you, be prepared to STRONGLY DEFEND the reasons why you foreclosed just 24 months ago and now your financial position is SOOO much stronger that you deserve to be a homeowner again.

Also....there is national talk of home prices falling another 8% or so if the market doesn't kick up and start churning again soon. If you only put 10% down and your home value falls 8%, how will you be able to avoid foreclosure again if you need to sell and only have 2% equity to cover approx 10% closing costs & realtors commissions???
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas

All times are GMT -6. The time now is 10:18 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top